Top 21 global sustainable packaging companies identified
MarketsandMarkets conducted the Sustainable Packaging Companies Quadrant, a comprehensive global market analysis, which identifies top 21 sustainable packaging companies as quadrant leaders in 2023.
The quadrant evaluated more than 80 companies, providing evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. It maps the top companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence.
The criteria for product footprint evaluation included material (paper & paperboard, plastic, metal, glass), process (recycled, reusable, degradable), function (active, molded pulp, alternate fiber), application (food & beverage, healthcare, personal care, others), layer (primary, secondary, tertiary), sustainable initiatives, and incorporation of PCR content.
Sustainable Packaging Companies Quadrant identifies top 21 sustainable packaging companies in 2023.
Key takeaways of the quadrant:
The global sustainable packaging market was valued at US$270.60 billion in 2023 and is projected to reach US$380.2 billion by 2028, growing at a CAGR of 7.04% from 2023 to 2028.
In addition to stringent regulations regarding sustainability, rising adoption of biodegradable materials is another prominent factor that is driving the growth of sustainable packaging market.
In terms of application, the food & beverage packaging segment is the fastest-growing segment, followed by the personal care packaging segment.
Due to rising concerns over single-use plastics, FMCG companies and retailers are rethinking their overall packaging systems. There will be many opportunities for partnerships and new product research for sustainable packaging companies.
Among the different packaging materials, the paper & paperboard segment accounted for the largest share (40%), followed by plastics in the overall sustainable packaging market in 2022.
Countries such as China, Brazil, and India are emerging as growth frontiers for sustainable packaging companies. In 2022, the Asia Pacific region dominated the global sustainable packaging market, accounting for nearly 42% of it.
The leading entities adopted mergers and acquisitions as the key strategies due to intense competition in the market.
Sustainable packaging companies are exploring and adopting various technologies. For instance, smart packaging technology, which utilizes sensors, RFID tags, and QR codes, is witnessing an overwhelming response from the e-commerce and food & beverages segments.
Full list of the top 21 sustainable packaging companies.
